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Thank you for choosing Navy Federal for your financial needs. Effective March 31, 2023, we are making changes to your Credit Card Agreement and Disclosure (“Agreement”) as follows:

  • Minimum Payment Due: We are changing how we calculate your Minimum Payment Due. Currently, it is any past due amount plus the greater of 2% of your new balance or $20. On the effective date, this will change to any past due amount plus the greater of $20 or the sum of 1% of your new balance plus interest and fees. This change will affect your Minimum Payment Due amount.
  • Transaction Categories: We are clarifying how transactions are categorized by adding definitions for each. As a result, cash-like transactions, such as gambling-related purchases and cryptocurrency purchases, will be considered cash advances and subject to the cash advance APR.
  • Notice of Claim: We are adding a term that provides steps to follow before commencing or joining judicial actions to resolve disputes pertaining to this Agreement.
  • General Formatting: We made formatting changes to your agreement. For example, we enlarged the font size of paragraph headers and removed paragraph numbers.

Additional information about changes to your account is provided below.

  1. We are updating your Payments section’s Minimum Payment Due paragraph as follows:

    Minimum Payment Due. Your monthly statement will tell you: the total amount that you owe us, including interest and fees charged during the billing cycle; the minimum payment that you must make; and your payment due date.

    1. If your New Balance is less than $20, your Minimum Payment Due will be:
      • Your New Balance (which includes any Past Due Amount)
    2. If your New Balance is at least $20, your Minimum Payment Due will be any Past Due Amount, PLUS the greater of:
      • $20
      • 1% of your New Balance (excluding interest and fees charged during the billing cycle) rounded up to the nearest whole dollar; PLUS interest and fees charged during the billing cycle.

    Your Minimum Payment Due will never be more than your New Balance. You may pay the New Balance in whole or in part at any time. You may pay more than the Minimum Payment Due, up to the amount of your New Balance.

  2. We are defining transaction categories as follows:
    • a) Purchase. A transaction to buy or lease goods or services. Balance Transfers, Cash Advances, and Convenience Checks are not Purchases. Fees are categorized as Purchases on your periodic statement and are included in your Purchases balance.
    • b) Balance Transfer. A transfer of a balance from another creditor (i.e., not Navy Federal) to your account.
    • c) Cash Advance.  A transaction to get cash, deposit funds, or purchase cash-like items or services. Cash-like items or services include items that are identified as money orders, wire transfers, traveler checks, foreign currency, cryptocurrency or similar digital currency, lottery tickets, gaming chips, off-track wagers, offline and online betting transactions or other methods of gambling, and other similar items.
    • d) Convenience Check. A check provided by us to access credit from your account. Additional terms and conditions apply.
  3. We are adding a Notice of Claim paragraph as follows:

    Notice of Claim. Neither you nor Navy Federal may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party’s actions pursuant to this Agreement or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Agreement, until such party has notified the other party of such alleged breach and afforded the other party a reasonable period after the giving of such notice to take corrective action.

For a copy of the updated pages of your agreement, please visit If you have questions about this notice, you may call us toll-free any time at 1-888-842-6328 or contact us electronically through our Online Banking service. If you prefer, you may write to Navy Federal Credit Union, PO Box 3501, Merrifield, VA 22119-3501.


Rahul Chaudhari
VP Credit Cards
Navy Federal Credit Union